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Coronavirus and the Telluride Real Estate Market

It will be interesting to see what the effect the Coronavirus will have on the Telluride real estate market. From the standpoint of the Telluride economy, there’s nothing positive. We’re already into the third week of the ski area being closed and tourism has come to a halt. No short term rentals, restaurants & bars closed, main street closed….. Real estate activity has for the most part come to an understandable halt or slowdown. Contracts that have been in place for the most part are hanging in there, though we’ve seen some buyers terminate contracts if their earnest money isn’t at risk yet. Continuing, we’re also seeing some contracts get extended 60+- days to see where the world is at. I’m advising any seller to accept an extension request if their buyer still has the option to terminate. What can we expect for the next 6-12 months real estate wise in Telluride? Hard to know exactly, but I would foresee a continued slow down in activity. We may see some buyer opportunity with sellers who need to or simply wish to get out of owning their property. Unless things get real ugly, my hunch is activity will remain slow as most of our sellers can handle hiccups in the market place and wait for better times. Buyers will have to remain patient but always be ready to strike if a possibility presents itself. I’m sure we’ll see buyers at some point testing sellers. Be safe out there.